Maxtor to buy back up to $150 million 6.8% convertibles due 2010

By Jennifer Chiou

New York, Aug. 9 - Maxtor Corp. announced the repurchase of up to $150 million of its 6.8% convertible senior notes due 2010.

The company will use the proceeds of a $300 million offering of convertible senior notes due 2012 with a $45 million greenshoe for the buyback.

Remaining proceeds will be used for general corporate purposes.

In May 2003, the company priced $200 million of the 6.8% convertibles with an initial conversion premium of 125%.

The Milpitas, Calif., company supplies hard disk drives for desktop, enterprise and consumer electronics applications.

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